One month ago, the price of Sui (SUI) cryptocurrency, which was at $0.36 levels, started to rise and reached $0.66. Now, it is a matter of curiosity which direction SUI will go after its recent decline.
SUI, which has been trading within a falling wedge formation since June 10, 2023, broke this formation on October 28, ending the downward trend. After this date, the price continued to rise and surpassed the important resistance level of $0.51.
Yesterday, SUI retested the resistance level and then formed a bullish engulfing pattern, indicating the start of an uptrend for the altcoin SUI. Hidden bullish divergence can be seen on the daily RSI, which means the price could reach $0.87.
On the 4-hour chart, it can be seen that SUI has been trading within a descending parallel channel since its high level of $0.66 on November 13. This structure generally represents a corrective structure and can lead to significant breakouts. Currently, the SUI price is being rejected by the channel’s resistance and after a small correction, it can retest the middle line of the channel at $0.54.
On the 4-hour RSI, it can be seen that it has broken the descending resistance line and is above the 50 level. Both of these are bullish signals, and such breakouts in the RSI usually lead to similar breakouts in price movement. Based on this data, it is expected that the SUI price will surpass the current descending parallel channel in the near future and rise towards the nearest resistance at $0.66.